Advertisement

Caterpillar dealer Finning International to cut Canadian workforce by 500

FILE - This Thursday, Feb. 28, 2013, file photo shows a parking lot at Caterpillar Belgium, in Gosselies, Belgium.
FILE - This Thursday, Feb. 28, 2013, file photo shows a parking lot at Caterpillar Belgium, in Gosselies, Belgium. AP Photo/Yves Logghe, File

VANCOUVER – Caterpillar dealership Finning International says it will reduce its Canadian workforce by roughly nine per cent or about 500 people.

The Vancouver-based company said it’s taking the steps to reduce costs in a soft market.

Finning is the world’s largest Caterpillar dealer, selling heavy equipment in several countries. The job cuts follow a drop in commodity prices in recent months and cuts to spending plans by the mining and energy companies that use heavy equipment.

Financial news and insights delivered to your email every Saturday.

READ MORE: Shell Canada to reduce oilsands workforce 

The job cuts were announced along with Finning’s latest financial report, which showed it had a profitable year in 2014.

The company earned $107 million or 62 cents per share, in its fourth quarter up 15 per cent from a year ago. Revenue was up less than one per cent at $1.8 billion.

Advertisement

Sponsored content

AdChoices